UOA Development Q1 earnings double to RM124.22m

PETALING JAYA: UOA Development Bhd’s net profit for the first quarter ended March 31, 2020 doubled to RM124.22 million from RM59.86 million a year ago attributed mainly to progressive recognition of the on-going development projects from United Point Residence, South Link Lifestyle Apartments and Sentul Point.

Revenue for the quarter under review increased by 53.4% year-on-year to RM375.27 million from RM244.67 million.

New property sales for the quarter was RM114.8 million with contributions mainly from projects such as United Point Residence, The Goodwood Residence, Aster Green Residence, Sentul Point, South Link Lifestyle Apartments and other sale of inventories. Unbilled sales stood at RM640.9 million as at March 31.

“The group will maintain its focus on development in Greater Kuala Lumpur while continuing to source for strategic development lands that meet its objective,” it said.